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Papyrus Australia (ASX:PPY) has announced a deal with China Investment Group to establish a banana fibre processing plant and manufacturing factory in the island province of Hainan.
Hainan is host to a number of significant banana plantations and the products to be manufactured by the factory include fibre panels such as chipboard and particle board for use in furniture making and building construction industries. The deal also includes the sale of patented production machinery from Papyrus.
Papyrus Australia reported a net loss of nearly one and a half million dollars for the year ending June 30, 2013
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